Exchange Traded Concepts LLC Boosts Stake in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Exchange Traded Concepts LLC significantly increased its holdings in Tencent Music Entertainment Group by 108.7% during the second quarter, now owning 312,706 shares valued at approximately $6.1 million.
• Major hedge funds are showing increased interest in Tencent Music, with Swedbank AB raising its stake by 222.7% and Acadian Asset Management lifting its holdings by a staggering 385,900%.
• Analysts have upgraded Tencent Music's stock ratings, with Citigroup raising its target price to $29.00 and multiple firms issuing "buy" ratings, indicating positive sentiment about the stock's future performance.

Exchange Traded Concepts LLC raised its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 108.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 312,706 shares of the company's stock after purchasing an additional 162,854 shares during the period. Exchange Traded Concepts LLC's holdings in Tencent Music Entertainment Group were worth $6,095,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Quantinno Capital Management LP boosted its position in shares of Tencent Music Entertainment Group by 31.9% during the fourth quarter. Quantinno Capital Management LP now owns 29,113 shares of the company's stock worth $330,000 after buying an additional 7,033 shares during the period. Toronto Dominion Bank bought a new position in Tencent Music Entertainment Group in the fourth quarter valued at $286,000. Vident Advisory LLC lifted its holdings in Tencent Music Entertainment Group by 23.0% in the fourth quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock worth $214,000 after buying an additional 3,538 shares during the period. Vise Technologies Inc. bought a new stake in Tencent Music Entertainment Group in the 4th quarter worth approximately $169,000. Finally, Burgundy Asset Management Ltd. increased its holdings in shares of Tencent Music Entertainment Group by 30.3% in the 4th quarter. Burgundy Asset Management Ltd. now owns 41,980 shares of the company's stock worth $476,000 after buying an additional 9,755 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Benchmark boosted their price target on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Citigroup restated a "buy" rating and issued a $29.00 target price (up from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Zacks Research upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. Sanford C. Bernstein set a $27.50 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Wednesday, August 13th. Finally, Macquarie set a $29.80 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company's stock. According to MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of "Buy" and a consensus target price of $24.47.

Tencent Music Entertainment Group Stock Performance

NYSE TME traded down $0.52 on Tuesday, reaching $23.78. The stock had a trading volume of 1,834,199 shares, compared to its average volume of 7,225,875. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $10.11 and a 1-year high of $26.70. The company has a market cap of $40.80 billion, a P/E ratio of 26.14 and a beta of 0.54. The firm has a fifty day moving average of $23.75 and a two-hundred day moving average of $18.56.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.